Hilary Carter and Maria Oats consider that this is more than a negligence case and that there are worrying aspects of the Revenue’s interpretation of it (taken from Issue No 19 – April 2002)
The case of Grimm v Newman1 has caused a communal shudder amongst the tax advisory fraternity. The remit for tax advice on gifts has now been widened to cover the use of the gifted money and has placed an onus on the adviser to be more probing in their questioning of clients when asked to advise. The Revenue have taken note of this, even though it is not strictly a fiscal case. They see it as an extension of the existing precedents relating to offshore remittances to the UK. It is a case that those advising on offshore tax issues will ignore at their peril!
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The Trust Quarterly Review is published in partnership with STEP, it discusses matters of interest to trustees and executors with a focus on the particular interests of trust corporations in mind
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